Loan Is an Obligation

I am appalled every time Robert Bruss suggests that homeowners walk away from their mortgage obligations if their investments turn sour, as he did in his answer in “ ‘Short Sale’ Addresses Drop in Market Value” (Dec. 13).

Bruss suggests that the homeowner “stop making mortgage payments [and] let the lender foreclose” if a Realtor cannot get the lender to accept a short sale. This advice is especially appalling since in this situation, the homeowners apparently have a reliable source of income and only want to avoid suffering a loss.

When the homeowners contracted with the lender, did the lender agree to bear all losses? Did the contract read that the homeowners would only be financially obligated if the investment was profitable for them? A lender only supplies funds for a purchase; it makes no guarantee of profitability. I find it incredibly unfortunate that sometimes Bruss’ financial advice seems to be completely void of ethics.

RAYMOND V. OJA

Yorba Linda